Apple's share price hits a new high

Ahead of this month's quarterly earnings report, shares of Apple hit an all-time high.

Shares of Apple reached a new all-time high today amid expectations that the company will report record earnings later this month.

Earlier today the company's stock hit $427.75, passing its previous all-time high from mid-October. After that milestone, Apple's stock had taken a bumpy ride down to $363.37 after the company missed Wall Street's expectations, posting lower than expected fourth-quarter earnings.

Apple is set to report its first quarter earnings for 2012 on January 24. In October the company predicted it would bring in $37 billion in revenue and projected earnings of $9.30 per share, numbers that are likely to be fueled by sales of the iPhone 4S. A smattering of analyst predictions on that total number polled by Fortune earlier this week expected that number to fall somewhere between 25 and 35 million iPhones sold.

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